Saturday , October 1 2022

KLCI steps back 0.4% at midday as Telecom Malaysia Retreats – Business News


KUALA LUMPUR: The local stock market has moved into negative territory at noon as investors decided to take some money from the Malaysia Telecom Bhd (TM) Shekel.

At 12:30, the FBM KLCI fell 6.31 points, or 0.37% on July 1, 2007. The index opened today at 6.43 points at 1.712.81.

In the broader market, losers rose to 397 to 260, while 313 counters have not changed. The sales turnover was 846.46 billion shares worth 585.64 million.

JF Apex Research said FBM KLCI was expected to trend aside below the immediate resistance of 1,710 points following the performance involved in the US and Europe.

US markets ended Friday as technology indexes lost ground, while European stocks closed on concerns about Brexit.

"After the price gains last week, the index tested the resistance of 1,710 points and could extend the recovery towards the next resistance at 1,750 points, failing to stand at 1710 points could see the index trend aside above the 1,660 level support," said JF Apex.

TM shares were focused on the immediate resignation of its CEO, Detok Bazlan Othman, immediately TM said that Beslan had left to pursue other interests.

TM decreased 5.04%, or 12 cents to RM2.26 with 8.48 million shares being made.

Starbucks also reported that TM is at risk of finding itself outside KBI FBM when the components of the index are examined next. Its market value fell from RM22.7bil at the beginning of the year just over RM9bil, putting it out of the 30 largest companies on the Malaysian stock exchange.

On the Malaysian bourse, Ajinomoto was the top loser, falling 50 San RM20. Malaysia eased 17 San to RM7.99 and Carlsberg closed 14 low San at RM19.64.

Lagarde in shares of KLCI included Petronas Chemicals, which fell by 10 cents to RM9.30, IOI Corp shed 12 cents to RM4.27, and IHH's health services fell by 5 cents to RM.669.

Elsewhere in the region, Asian stocks closed with a 0.54% increase in Japan's Nikkei share, South Korea's Kospi rose 0.04%, Hong Kong's Hang Seng jumped 0.41% and CSI300 added 0.5%.

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